India and Saudi Arabia Hold First High-Level Task Force Meeting on Investments
New Delhi [India], July 31: The first meeting of the India-Saudi Arabia High-Level Task Force on Investments took place on Tuesday. The meeting was co-chaired by PK Mishra, Principal Secretary to Prime Minister Narendra Modi, and Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Saudi Energy Minister, in a virtual format.
Both nations reaffirmed their commitment to enhance cooperation in petroleum, renewable energy, telecom, and innovation. They reviewed discussions between their technical teams and explored opportunities for bilateral investments in public and private sectors, including refining, petrochemical plants, new and renewable energy, power, telecom, and innovation.
PK Mishra emphasized India’s support for Saudi investments worth USD 100 billion, committed during the visit of the Crown Prince and Prime Minister of Saudi Arabia. The two sides agreed on regular consultations between technical teams to finalize specific investments. An empowered delegation led by the Secretary of Petroleum will visit Saudi Arabia for follow-up discussions.
The Saudi side was invited to establish an office of the Sovereign Wealth Fund (PIF) in India. Additionally, the Saudi Energy Minister was invited to India for the next round of the High-Level Task Force meeting.
The High-Level Task Force was established following the decision by Prime Minister Narendra Modi and Crown Prince Mohammed bin Salman during the latter’s State Visit to India in September 2023. It includes senior officials from both nations, such as the CEO of Niti Aayog and Secretaries for Economic Affairs, Commerce, MEA, DPIIT, Petroleum and Natural Gas, and Power from India.
Doubts Revealed
High-Level Task Force -: A High-Level Task Force is a group of important people from different countries who come together to discuss and solve big issues, like investments.
PK Mishra -: PK Mishra is an important person in the Indian government who helps make big decisions, especially about investments and development.
Prince Abdulaziz bin Salman -: Prince Abdulaziz bin Salman is a royal family member from Saudi Arabia who is also a leader in their government, especially in energy matters.
petroleum -: Petroleum is a type of oil found underground that is used to make fuel for cars, planes, and other machines.
renewable energy -: Renewable energy comes from natural sources like the sun, wind, and water, which can be used again and again without running out.
telecom -: Telecom stands for telecommunications, which means the technology used to send information over long distances, like phones and the internet.
innovation -: Innovation means creating new ideas, products, or ways of doing things that make life better or easier.
mutual investments -: Mutual investments are when two countries put money into each other’s businesses and projects to help them grow and succeed.
USD 100 billion -: USD 100 billion is a very large amount of money, equal to 100,000 crores in Indian rupees.
Sovereign Wealth Fund -: A Sovereign Wealth Fund is a big pot of money that a country saves and invests to make more money for the future.
